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DEER PARK, N.Y., June 28 /PRNewswire-FirstCall/ -- Langer, Inc. (Nasdaq: GAIT - News) today announced that it has engaged the investment banking firm of Morgan Joseph & Co. Inc. to assist the Company with its strategic acquisition program targeting, among others, companies involved in consumer- and medically-oriented personal care products, skincare product groups, cosmeceuticals, cosmetics, hair care and related products, as well as certain orthopedic and consumer healthcare products, designed to expand and complement its current orthopedic and skincare businesses.
Langer expanded the scope of its acquisition strategy with the September 2004 combination with Silipos, Inc., a leading designer, manufacturer and marketer of gel-based products focusing on the medical and skincare markets. Silipos provided Langer with proprietary products, a sales network and strong distribution channels, particularly among medical distributors, as well as an entrance into the multi-billion dollar skincare market. Silipos sells its products under the brand names Silipos, Geligne, and NouveauDerm.
"Our acquisition program is aimed at augmenting Langer and Silipos' product offerings and sales channels. Specifically, we are targeting the acquisition of manufacturing companies in various segments of the personal care market that complement our current business and further our goal of building a sizable platform in this sector," said Warren B. Kanders, Chairman of the Board of Directors. "Morgan Joseph, which has special expertise in the middle market, is expected to assist us in executing our acquisition strategy, growing the Company by targeting acquisitions aimed at gaining access to new sales channels, acquiring new product lines, increasing penetration of existing markets, and achieving entry into new market sectors."
On June 15, 2005, Langer successfully completed a public offering of 5,000,000 common shares at $6.50 per share, resulting in net proceeds, before expenses, to the Company of approximately $30.2 million and increasing the number of shares outstanding to approximately 9.398 million. Of the net proceeds, approximately $16.5 million is expected to be used to repay outstanding debt and promissory notes, with the balance to be used for working capital and other general corporate purposes.
About Langer
Langer, Inc., together with its wholly owned subsidiary Silipos, Inc., is a leading provider of high quality medical products targeting the orthopedic, orthotic and prosthetic markets. In addition, the Company offers a diverse line of skincare products for the medical and therapeutic markets. The Company sells its products primarily in the U.S. and Canada as well as in more than 30 other countries to national, regional, international and independent medical distributors and directly to healthcare professionals. Langer is based in Deer Park, New York and has additional manufacturing facilities in Niagara Falls, New York, Anaheim, California, Montreal, Canada, Stoke-on-Trent, UK as well as sales and marketing offices in Ontario, Canada and New York, New York.
The above was from 2005, now here is a Press release from Langer:
LANGER INC. ANNOUNCES SALE OF LANGER ORTHOTICS BUSINESS
Quote:
New York, New York – October 27, 2008 - Langer, Inc. (NASDAQ:GAIT, “Langer” or the “Company”) today announced the sale of substantially all of the operating assets related to its Langer branded custom orthotics and related products business to an affiliate of The Orthotic Group, a leading manufacturer of prescription custom foot orthotics, orthotic footwear and gait analysis equipment headquartered in Markham, Ontario. The Company’s Deer Park, NY facility as well as its sales office in Markham, Ontario are included in the transaction. The purchase price was approximately $4.7 million paid in cash at closing, including $475,000 to be placed in
escrow to satisfy potential indemnification claims. The purchase price will be subject to a postclosing working capital adjustment within approximately 90 days.
Net proceeds, after transaction costs, are expected to be approximately $4.1 million. The Company expects to recognize a minimal gain on the sale.
Langer, Inc. will continue to exist as a corporate entity and its ongoing business will include that of its wholly-owned subsidiaries Silipos Inc. and Twincraft Inc. In connection with this sale transaction, Langer has agreed to seek a change of its corporate name at its next annual shareholders meeting.
Langer was represented in the transaction by The Walden Group, a strategic healthcare investment banking firm based in Tarrytown, NY.
Langer, Inc., through its wholly owned subsidiary Silipos, is a provider of quality
medical products to the long-term care, orthopedic, orthotic and prosthetic markets. Through its
wholly owned subsidiaries Twincraft and Silipos, the Company offers a diverse line of bar soap
and other skincare products for the private label retail, medical and therapeutic markets. Langer
is based in New York, NY, and has manufacturing facilities in Niagara Falls, NY and Winooski, VT.
Here is another Press Release from Langer:
Quote:
New York, New York - November 12, 2008 - Langer, Inc. (NASDAQ:GAIT, “Langer” or the “Company”) reported a net loss from continuing operations for the three months ended September 30, 2008 of approximately $1.2 million or $(.11) per share on a fully diluted basis, on revenues of approximately $11.2 million. For the comparable period in 2007, the Company experienced a net loss from continuing operations of approximately $1.1 million or $(.09) per share on a fully diluted basis, on revenues of approximately $11.5 million. The principal reason for the increase in the net loss from continuing operations was a decrease of approximately $747,000 in gross profit, which is primarily due to increases in raw material soap base costs in our Twincraft business.
The net loss of approximately $1.4 million for the three months ended September 30, 2008, includes losses from discontinued operations net of income tax benefits of approximately $187,000 which includes an adjustment of an additional approximately $204,000 to the loss on the sale of Bi-Op, offset by an income tax benefit of approximately $17,000, and income from Bi-Op’s operations of approximately $40,000. We also increased the amount of the loss previously reported on the sale of Regal by approximately $131,000 which is associated with the premises previously leased by Regal. Discontinued operations also includes the operating income of approximately $204,000 from the Langer branded custom orthotics and related products business, which was sold on October 24, 2008. The Company expects to realize a minimal gain of the sale of this business, which will be recorded in the fourth quarter of 2008.
Consolidated gross profit from continuing operations for the three months ended September 30, 2008 was approximately $3.3 million, or 29.9% of net sales, compared to $4.1 million, or 35.5% of net sales, in the comparable period in 2007. The primary reason for the decline in gross profit margins was an increase of raw material soap base costs in our Twincraft business, where revenues for the three months ended September 30, 2008 grew by approximately 9.8% over the comparable period of 2007, but material costs as a percentage of revenues grew from 41.5% of sales in 2007 to 49.0% of sales in 2008.
Langer Inc expanding
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